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Disequilibrium macroeconomic dynamics, income distribution and wage-price Phillips curves : evidence from the US and the euro area
Proaño Acosta, Christian; Flaschel, Peter; Ernst, Ekkehard - 2006
current inflation rates and adaptive expectations concerning the inflation climate in which the economy operates. The model … correction terms, and indirectly of income distribution, in the dynamics of wage and price inflation in the U.S. and the euro …
Persistent link: https://www.econbiz.de/10003744531
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Shocks and frictions under right-to-manage wage bargaining : a transatlantic perspective
Consolo, Agostino; Hertweck, Matthias S. - 2010
result is that the model is able to generate persistent responses in output, inflation, and total labor input to both neutral …
Persistent link: https://www.econbiz.de/10008662486
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u* = √uv
Michaillat, Pascal; Saez, Emmanuel - National Bureau of Economic Research - 2022
Most governments are mandated to maintain their economies at full employment. We propose that the best marker of full employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of labor--both jobseeking and recruiting. The...
Persistent link: https://www.econbiz.de/10013334429
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What can a New Keynesian labor matching model match?
Reicher, Christopher Phillip - 2009
1980s. Based on the timing of observed fluctuations in interest rates, inflation, and productivity, it appears that the …. -- Unemployment ; labor market search ; job flows ; labor share ; inflation ; productivity shocks ; monetary shocks …
Persistent link: https://www.econbiz.de/10003826579
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Professional Forecasters and the Real-time Forecasting Performance of an Estimated New Keynesian Model for the Euro Area
Smets, Frank - 2013
(2012) estimated on euro area data. It investigates to what extent forecasts of inflation, GDP growth and unemployment by …
Persistent link: https://www.econbiz.de/10013078530
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Sticky wages in search and matching models in the short and long run
Reicher, Christopher Phillip - 2011
labor input, but it predicts a strong counterfactually negative long run relationship between inflation and unemployment …. This finding is robust to including a microeconomically realistic degree of indexation of wages to inflation. The lack of a … negative long run relationship between trend inflation and unemployment provides indirect evidence against the proposed …
Persistent link: https://www.econbiz.de/10009232255
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Wage rigidity and job creation
Häfke, Christian; Sonntag, Marcus; Rens, Thijs van - 2009
Standard macroeconomic models underpredict the volatility of unemployment fluctuations. A common solution is to assume wages are rigid. We explore whether this explanation is consistent with the data. We show that the wage of newly hired workers, unlike the aggregate wage, is volatile and...
Persistent link: https://www.econbiz.de/10003827155
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Unemployment crises
Petrosky-Nadeau, Nicolas; Zhang, Lu - 2014 - Last rev.: July 16, 2014
A search and matching model, when calibrated to the mean and volatility of unemployment in the postwar sample, can potentially explain the unemployment crisis in the Great Depression. The limited responses of wages from credible bargaining to labor market conditions, along with the congestion...
Persistent link: https://www.econbiz.de/10010411443
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Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
De Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 2009
period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence … cost determination. This set-up produces realistic labor market statistics together with inflation persistence …
Persistent link: https://www.econbiz.de/10003831761
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Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
De Walque, Gregory; Pierrard, Olivier; Sneessens, Henri; … - 2009
period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence … cost determination. This set-up produces realistic labor market statistics together with inflation persistence …
Persistent link: https://www.econbiz.de/10003824877